Lithium producer Sayona Mining's CEO resigns; shares recover after sharp drop (updated)

Elevra Lithium

29/08/2023 01:49

(Updates with latest share moves in paragraph 2)
       Aug 29 (Reuters) - Australia's Sayona Mining  SYA.AX 
said early on Monday its CEO and managing director Brett Lynch
resigned from his position, sending the lithium producer's
shares down more than 27% by close.
    Shares of the company recouped some of the losses in early
trade on Tuesday, soaring 8.2% to A$0.10 by 0031 GMT.
    Lynch cited personal reasons for his move and will depart
with immediate effect, while existing non-executive director
James Brown has been appointed as interim CEO, the company said
on Monday.
    Lynch played a key role in the acquisition of the North
American Lithium (NAL) operation in Québec, Canada, which
restarted operations this year.
    NAL, jointly owned by Sayona and its U.S.-based partner
Piedmont Lithium Inc  PLL.O , sent out its maiden shipment of
about 20,500 metric tonnes of spodumene concentrate to the
international lithium market earlier this month. 
    The next shipment from NAL will be sold to Piedmont Lithium,
which will have an estimated volume of 30,000 metric tonnes, and
is expected to be shipped in August and September.
    Piedmont Lithium has agreed to buy lithium spodumene ore
from Sayona's Quebec project through 2026. The deal will help
Piedmont supply the battery metal to electric vehicle giant
Tesla Inc  TSLA.O .
    Sayona said the company will focus on NAL's production and
sales ramp-up while simultaneously adding value through
exploration and assessment of its existing portfolio, including
the northern Moblan Lithium Project. 
    

 (Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh
Kuber and Subhranshu Sahu)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
 ;))